Here is some more useful information you need to know when buying immovable property in Cyprus.
If there is a building on the property, then you should verify its legality and whether there are any planning or building or other outstanding issues:
- Make sure that the building has a Certificate of Approval, whether it is with or without ‘Notes’ (or ‘memo’) or other restrictions or prohibitions.
- Ask if the property is subject to any town planning conditions or if any unfulfilled obligations may trap you in lengthy procedures.
- Ensure you know in which planning zone the immovable property belongs and the detailed planning zone regulations that apply.
A new unit under construction (apartment, maisonette, shop) or a plot under construction cannot be registered and cannot have a certificate of registration (title deed).
For registration (in the Department of Land Surveys – DLS Register) to take place, a ‘completion of works’ certificate must be issued by the supervising engineer and a certificate from the competent Building Authority.
If the construction/development of the unit or the construction of the plot has been completed, but no certificate of registration has been issued, you should find out why this is the case.
Any decision to purchase an immovable property should take into account all criteria described above so as not to be misguided in making the wrong choice.
Once you have completed research and a final decision to purchase the property has been made, and there are no financial or other outstanding issues, you must immediately transfer the certificate or registration (title deed) to your name.
If you decide to purchase the property, but there are financial or other outstanding issues, it is recommended that you proceed with the conclusion and signing of a Sale Contract (SLC) with the seller, which you should deposit at the DLS.
If you decide to purchase a property through an Assignment Agreement from an existing purchaser who has signed an SLC, make sure you check, as the assignee of the Assignment Agreement, whether the SLC has been deposited at the DLS and whether there are any financial or other outstanding debts to the seller, as well as any encumbrances prior or subsequent to the SLC.
You are advised not to pay the full purchase price of the property before transferring the certificate of registration in your name.
Antonis Loizou F.R.I.C.S. – Antonis Loizou & Associates EPE – Real Estate Valuers, Estate Agents & Property Consultants
